(1)

(2)

(3)

(4)

(5)

ROA

KZ

ROA

Media

ROA

ESG

0.004^***

−0.069^***

0.003^***

0.013^*

0.004^***

(5.74)

(−4.17)

(4.91)

(1.92)

(5.63)

KZ

−0.010^***

(−28.06)

Media

0.006^***

(7.23)

Lev

−0.164^***

6.112^***

−0.101^***

0.117

−0.165^***

(−20.76)

(27.94)

(−13.43)

(1.53)

(−20.89)

Size

−0.013^***

0.649^***

−0.006^***

0.062^***

−0.013^***

(−5.87)

(8.68)

(−3.01)

(2.86)

(−6.01)

Gr

0.005^***

−0.077^***

0.004^***

0.016^*

0.004^***

(6.75)

(−3.56)

(5.95)

(1.94)

(6.62)

Indep

−0.042^***

1.556^***

−0.026^*

0.014

−0.042^***

(−2.61)

(3.49)

(−1.70)

(0.07)

(−2.61)

Age

−0.003

0.094

−0.002

−0.032

−0.002

(−1.49)

(1.52)

(−1.00)

(−1.27)

(−1.39)

Top1

0.092^***

−0.904^**

0.083^***

−0.227^*

0.094^***

(7.12)

(−2.14)

(7.21)

(−1.66)

(7.16)

SOE

−0.009^*

0.306^***

−0.005

−0.030

−0.008^*

(−1.89)

(3.31)

(−1.25)

(−0.68)

(−1.85)

Constant

0.366^***

−16.515^***

0.194^***

1.727^***

0.355^***

(7.78)

(−9.91)

(4.56)

(3.54)

(7.54)

个体效应λ

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时间效应μ

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N

15,329

15,329

15,329

15,329

15,329

R-squared

0.602

0.745

0.639

0.867

0.605